Private Equity
Georgian Partners has raised most of the US$500 million ($645 million) target set for its fourth fund, as the firm executes an ambitious plan to broaden its reach in the North American market. Georgian Partners Growth Fund IV has so far secured US$450 million ($580 million), a source told PE Hub Canada. It is expected to cross the finish line in the weeks ahead, possibly at or near its hard cap of US$550 million. If successful, the fund would be Georgian’s largest to date and one of Canada’s largest private tech partnerships on record.
4 min read · 06 April 2018
WorkFusion, a New York-based robotic process automation software company, has raised US$50 million in a Series E financing, bringing its total funding to US$118 million. The latest round was led by Hawk Equity and Declaration Partners. They were joined by existing investors, including Canadian growth equity firm Georgian Partners, which led the company's US$35 million Series D round last year, and Canadian venture capital firm iNovia Capital. WorkFusion, which reported 850 percent growth in demand for its products in 2017, said it will use the funds raised to expand global operations and further its vision.
3 min read · 05 April 2018
U.S. consumer health enterprise software company Welltok Inc has secured US$75 million in a Series E2 financing. The round saw participation from both new and existing investors, including Canadian growth equity firm Georgian Partners. Denver, Colorado-based Welltok, founded in 2009, said the funds raised will be used for product development, expansion in new market segments, and integration of acquired assets and capabilities. Last October, the company bought Tea Leaves Health, an analytics and marketing platform used by hospital systems.
3 min read · 05 April 2018
Coveo, a Québec City-based provider of artificial intelligence-powered insight engines, has raised $100 million in follow-on financing. The deal was led by Evergreen Coast Capital, the private equity affiliate of U.S. investment management firm Elliott Management Corp. Elliott secured a 27 percent stake as a result. Founded in 2005 and led by CEO Louis Têtu, Coveo serves more than 1,000 customers worldwide. The company will use the funds raised to accelerate growth by investing in sales and marketing, channels, new product lines and R&D, and by making acquisitions. Coveo's existing investors include BDC Capital, Fonds de solidarité FTQ, Tandem Expansion Fund and Telesystem.
4 min read · 04 April 2018
In the past decade, Montréal’s tech ecosystem has gone from fledgling to a Canadian leader in startup investment, writes Sylvain Carle, a partner at Real Ventures. In a PE Hub Canada feature article, Carle digs into why now is such a great time for tech entrepreneurship in Montréal and Québec by speaking with two of Real Ventures' investors: Tom Birch, vice president, funds and technology, at Caisse de dépôt et placement du Québec, and Jacques Perreault, associate vice president, technological innovations, Desjardins Business Capital régional et coopératif.
8 min read · 03 April 2018
Procurify has acquired VendorBase, a Canadian online buyer-supplier platform. No financial terms were disclosed. Procurify, a Vancouver-based procure-to-pay software provider, said it has rebranded the business as Procurify Exchange, which will operate on the company's platform as a request-for-quote solution. Founded in 2012, Procurify helps organizations make more informed spending decisions. Its backers include the Business Development Bank of Canada, Nexus Venture Partners, Point Nine Capital and Runa Capital, all of which invested in the company's $7 million Series A round in 2016.
2 min read · 02 April 2018
1 min read · 02 April 2018
Toronto-based veterinary consultation service Healthy Pets has officially launched with a $500,000 seed-stage financing. The round was backed by District Ventures Capital, a Canadian consumer venture capital firm. Arlene Dickinson, District's managing partner, will become a board member as a result. Founded last year by CEO Emma Harris, Healthy Pets helps connect pet owners with veterinarians for a consultation through on-demand video, voice or instant messaging. The funds raised will be used to scale the company's operations, grow its veterinary network, and extend its service across Ontario and Canada.
4 min read · 30 March 2018
Caisse de dépôt et placement du Québec (CDPQ) has made a US$20 million commitment to Fundamentum's debut growth fund. The target is US$100 million. Fundamentum Partnership-Fund I will focus on investing in India-based consumer and enterprise technology startups. The fund is expected to invest up to an average of US$15 million per company. Along with providing capital to the growth fund, CDPQ will explore making direct investments in portfolio companies. Fundamentum is based in Bangalore.
3 min read · 29 March 2018
FoodLogiQ, a Durham, North Carolina-based provider of traceability, food safety and supply chain transparency software, has raised US$19.5 million in financing. Canadian impact venture capital firm Renewal Funds, an existing investor, led the round. It was joined by other investors, including Nicola Wealth Management, a Canadian asset manager and private investment counsel. FoodLogiQ, founded in 2006, said the funds raised will be used accelerate product enhancements, research and development, and expanded sales, marketing and customer success.
7 min read · 29 March 2018
